"We recognize that the cash dividend is important to our shareholders and we are working to be able to reinstitute a quarterly payment," says Robert W. Boykin, chairman and of the Cleveland-based REIT. "Based on current RevPAR and cash flow expectations, we expect that management will recommend to the board resuming the dividend for the third quarter of 2002, which, if approved by the board, would be distributed during the fourth quarter." Boykin predicts the company will be in a position to distribute approximately 40% to 50% of the annualized FFO per share, or approximately $0.18 per share.
The New York Stock Exchange-traded company currently owns 33 hotels containing 9,257 rooms located in 19 states, and operating under well-known brands including Doubletree, Hilton, Radisson, Embassy Suites, Marriott and Courtyard by Marriott.
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